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News Tag: ABI

March 11, 2010

Treacherous weather conditions cost insurers £650m

by Kay Mitchell
Treacherous weather conditions cost insurers £650m
The Association of British Insurers (ABI) today reported the heavy snowfall earlier in the year cost insurers £650 million in weather-related claims. Between December 18 and January 13, when snow and plummeting temperatures swept the country, there were around 335,000 claims, said the ABI. The majority of the claims came from motorists as a result of the treacherous conditions on Britain’s roads. January ...




September 26, 2009

ABI issues lodger warning

by David Masters
ABI issues lodger warning
Homeowners renting a room to a lodger should inform their home insurance provider, the Association of British Insurers (ABI) said this week. According to the ABI, homeowners who don't inform their insurance provider about taking on a lodger risk invalidating their policy. "If you are applying for insurance and you are taking a lodger, or if you have got a lodger, you should disclose that ...




August 3, 2009

Legal fees blamed for rising motor premiums

by David Masters
Legal fees blamed for rising motor premiums
Drivers are paying over the odds on their car insurance because of a rising number of "unnecessary" personal injury claims and associated legal fees, the Association of British Insurers (ABI) said this week. The insurance industry body said soaring injury claims and associated legal fees have become a major issue for motor insurers, and are one of the key factors behind ...




July 27, 2009

Insurance fraud costs £1.9bn per year

by David Masters
Insurance fraud costs £1.9bn per year
Undetected insurance fraud has increased 24% in the past two years, the Association of British Insurers (ABI) said this week. Insurance fraud has soared to an estimated £1.9 billion per year, the ABI said, equivalent to £5.2 million per day. Detected insurance fraud has also increased, with £730 million worth of claims rejected in 2008, a 30% increase compared to 2007. As insurers have ...




June 12, 2009

Home insurance ‘vital’ warns Biba

by David Masters
Home insurance 'vital' warns Biba
Frugal householders that scrimp on home insurance to save money are playing a risky game, an industry expert warned this week. Graeme Trudgill, corporate affairs executive at the British Insurance Brokers Association (BIBA), said homeowners should not use the recession as an excuse to stop paying premiums on buildings and contents insurance cover. His comments follow a survey by the Association of British Insurers ...




April 28, 2009

Private health insurance popular despite recession

by David Masters
Private health insurance popular despite recession
British consumers are increasingly turning to private insurance for their healthcare needs despite the deepening recession. Research by the Association of British Insurers (ABI) shows that the number of people covered by private medical insurance (PMI) increased 2.7% in 2008, compared with 2007. By the end of 2008, 6.2 million people were paying premiums on private health insurance. A further 1.1 million people ...




April 16, 2009

Fraudulent insurance claims on the rise due to recession

by Kay Mitchell
”Fraudulent
According to the Association of British Insurers (ABI), the recession has sparked an increase in the number of fraudulent insurance claims. The ABI found that around 107,000 claims totalling £730 million were false last year - this value was up 30% on 2007, with the figure rising since 2004. Figures show that the most common fraudulent claims were home insurance ...




March 4, 2009

Anti-discrimination law could double insurance premiums

by David Masters
Anti-discrimination law could double insurance premiums
The AA has lashed out at government plans to make age and gender discrimination illegal on car insurance policies. Premiums could double for some drivers, the AA said, if the Equities Bill, due to be brought to parliament this spring, is extended to cover the sale of insurance. Age and gender are key factors that affect risk and are vital considerations for calculating ...




January 26, 2009

Brits disillusioned with saving

by David Masters
Brits disillusioned with saving
Almost three quarters (73%) of UK consumers believe the benefits of saving have fallen over the last year, according to new research by the Association of British Insurers (ABI). Only 7% of those questioned felt the benefits of saving have increased, down from 15% when the survey was conducted three months earlier. Rebecca Driver, the ABI’s director of research and chief economist, said: "The current ...




January 2, 2009

UK resolves to save in New Year

by David Masters
UK resolves to save in New Year
Almost half of Brits have made a New Year's resolution to save more in 2009, according to research by the Association of British Insurers (ABI). Forty seven percent of those polled said they have resolved to save more this year, whilst 51% felt that the recession will make them 'more likely' to boost their savings. ABI's director general Stephen Haddrill said ...




July 11, 2008

Agreement reached to ensure homes will get flood cover

by Kay Mitchell
”Agreement
A deal has been reached between the Government and the Association of British Insurers (ABI) to ensure that homes will continue to receive flood cover. Last month, the ABI warned the Government to take action against floods as its members will stop insuring people in high risk areas. The ABI has been urging the Government to pump more funds into ...




July 3, 2008

Fraudulent motor insurance claims worth £5 million every week

by Kay Mitchell
”Fraudulent
According to industry body, Association of British Insurers (ABI), dishonest drivers face a nasty surprise as detection of fraudulent claims has increased by 70% over the last 3 years. Last year, the ABI uncovered 24,000 fraudulent motor insurance claims worth £260 million, or £5 million every week. Nick Starling, the ABI’s Director of General Insurance and Health, said honest ...




June 27, 2008

Warning on TPG proposal and rights issue at B&B

by Kay Mitchell
”Warning
The Institutional Voting Information Service (IVIS), which is operated by the Association of British Insurers (ABI) has warned there are “breaches of sound governance” in the proposals for Bradford & Bingley's (B&B) rights issue and the sale of a 23% stake to Texas Pacific Group (TPG). The IVIS has placed an ‘amber top’ on the proposals, which means it ...




June 18, 2008

517,000 homes at risk of being flooded warns ABI

by Kay Mitchell
”517,000
The Association of British Insurers (ABI) is warning that the Government must take action against floods as its members will stop insuring people in high risk areas. According to the ABI, there are 517,000 homes at significant risk of being flooded. The floods last summer cost the ABI's members £3 billion in claims. Furthermore, nearly 5,000 homeowners are still ...




April 24, 2008

Private medical insurance growing in popularity

by Kay Mitchell
”Private
Figures from the Association of British Insurers (ABI) show that the number of people covered by private medical insurance (PMI) has exceeded the six million mark for the first time in 5 years. Despite the economic downturn, insurer BUPA has experienced a 20% increase in sales in the first quarter of this year. Fears of dirty NHS hospitals and quicker treatment are ...